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Philippines' San Miguel to bid for Vietnam's No. 1 beer

Brewer could compete against the likes of Heineken and Anheuser-Busch InBev

The biggest company in the Philippines is investing in its old core businesses and Oceania.

MANILA -- San Miguel, the owner of the Philippines' largest brewer, plans to bid for Vietnam's No. 1 beer maker, an official said on Monday.

Confirming a local report, San Miguel Chief Financial Officer Ferdinand Constantino told the Philippine Stock Exchange that the company "shall participate in the public bidding that will be conducted by the Vietnamese government for the sale of 89.59% of Saigon Alcohol Beer and Beverage Corporation," also known as Sabeco.

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